ForeSpending Select is a single-premium fixed index annuity from the Global Atlantic Financial Group. This annuity has a 10-year surrender charge period, and a provision for MVA. The ForeSpending Select annuity also offers a 5% premium bonus for which there’s an annual charge.
ForeSpending Select Annuity Facts
Age Restrictions
The maximum issue age for this annuity is 80 years. Annuitization must be before the 100th birthday.
Minimum and Maximum Premiums
The minimum single premium amount is $10,000.
The maximum single premium amounts are:
- 55-80 ages – $1 million
- Age 80+ – $500,000
Free Withdrawals
After the first contract year, policy owners may take withdrawals up to 10% of their contract value without incurring any charges.
Terminal Illness
After the first contract year, if the annuity owner is diagnosed with a terminal ailment that’s expected to cause death within a year, they’re allowed to take withdrawals without any withdrawal charges.
Nursing Home
After the first contract year, if the annuity owner is confined to a nursing home for at least 60 consecutive days, they’re allowed access to their account value without any withdrawal charges.
Death Benefit
Upon the annuity owner’s death, beneficiaries are awarded a death benefit.
Interested in learning more about the ForeSpending Select fixed index annuity from Global Atlantic? Get in touch with an annuity specialist from Annuity Broker who can help you compare products and make the best annuity investment decision.
